Oman predicts lower oil production in 2005

December 5, 2004

MUSCAT: Oman, which has battled to halt a drop in oil production, is estimating a lower daily output of 750,000 barrels next year, the national economy minister said in remarks published Sunday.

Estimated production for next year is 4.1 percent down on the figure for the first nine months of 2004 and 8.4 percent lower than output for all of last year, said The Times of Oman.

Oman exported 197.4 million barrels of crude in the first nine months of this year, 5.5 percent lower than for 2003.

Daily average production in 2003 was 819,500 barrels, down 8.7 percent from 898,000 the year before.

State-run Petroleum Development Oman, an exploration and production company, last week attributed the drop to a steep decline in its daily output from 840,000 barrels per day in 2000 to 660,000 bpd by the end of last month.


Tags: Fossil Fuels, Oil